Blog 2019-11-11T22:53:48+00:00

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West Loop Real Estate Market

November 10th, 2019|

Chicago is known as the city of neighborhoods. With so many unique hoods, looking to a general Chicagoland market analysis for advice on buying and selling is about as helpful as an empty Divvy station. You’re a smart Chicagoan; you know market trends in West Loop differ from market trends in Lakeview, which will differ from market trends in Avondale and so on. Combining these stats isn't always going to paint an accurate picture for buyers and sellers, which can lead to less-than-ideal results. This is why we're creating a hyper-local, in-depth analysis of the residential real estate market neighborhood by neighborhood, starting with our friends to the West. Enter: the West Loop real estate market report. Here, you’ll find live, up-to-date info on the real estate market in the 60607. We’ve broken down the most relevant stats and what they mean to you as a home buyer or seller, along with a forecast for what's to come in 2019 and 2020.   Sign up to receive this report in your inbox every month: West Loop Real Estate Market Current Conditions What is the West Loop real estate market like for buyers in 2019? We'll check in here every month to let you know how it's going for our home buyer clients. June, 2019: Buyers, you have options! Or at least, more options - 41.1% more options to be precise. That's how many more homes there have been for sale, on average, over the last 12 months. As of June specifically, there were 307 homes for sale, versus only 219 the year before. That has resulted in a [...]

Chicago Real Estate Market

November 10th, 2019|

Chicago Real Estate Market Current Conditions If you’ve always felt like the last USA Today article you read on “US Housing Starts” was little hard to relate to, you’re not alone. What the heck do US housing starts have to do with your condo in Lakeview? How is a news clip about Chicago area home sales supposed to help you figure out if 2019 is the right time to buy? It’s easy to find trends and predictions on the real estate market - it’s one of a news outlet’s favorite topics. But you’ll have a harder time finding trends  and predictions on your local real estate market. That’s where this report comes in. Here, you’ll find live, up-to-date info on the real estate market in Chicago’s city center neighborhoods. We’ve broken down the most relevant stats and what they mean to you as a home buyer or seller, along with a forecast for what's to come in 2019 and 2020.   Chicago Real Estate Market By Neighborhood Now, you're a smart Chicagoan, so you know market trends in West Loop differ from ones in Lakeview, which will differ from ones in Avondale. Good news: Center Coast hand-crafts hyper-local market reports for every nook and cranny of Chicago. To get localized stats, forecasts, and the best advice for buyers and sellers in your neighborhood, fill out the form below.  What is the Chicago real estate market like for buyers in 2019? We'll check in here every month in 2019 to let you know how it's going for our home buyer clients. February, 2019: The market [...]

Chicago Home Seller Closing Costs

October 11th, 2019|

If you’re wondering how much it costs to sell your home in Chicago, you’ve come to the right place. You’re probably aware of some of the costs that go into selling your home, but especially for those selling for the first time, it's helpful to gain a solid understanding of what you're paying for so there aren't any surprises that jump out down the road.  The typical ballpark cost to sell your Chicago home is about seven or eight percent of your home’s sale price. Seems like a hefty percentage, so let’s break it down into categories. That rough estimate includes fees associated with preparing the home for market, things you owe after it goes under contract, and everything you need to pay at closing.  Here’s a list of every single one of the costs to sell your home in this city, from the day you decide to sell to the closing: Before going on the market Cleaning Staging Storage Movers Virtual staging/photos Repairs Cosmetic updates Move-out fees Under contract Inspection HOA fees Land survey  At closing Property Taxes City of Chicago Transfer Tax Title Fees Mortgage payoff Attorney fees Realtor commissions HOA dues Special Assessment Miscellaneous buyer credits Disclaimer, these are not cookie cutter transactions - each property and seller situation is different. Obviously, the condition of the home is a major factor of seller fees, but so are things like the presence of divorce - there are certain additional fees that may be required in this circumstance. To give you a better idea of the costs associated with selling your Chicago home, download our equity calculator.  Want to [...]

How much does a home in Chicago cost?

August 28th, 2019|

How much does it cost to buy a home in Chicago? Well, it depends: We all know Chicago’s neighborhoods can vastly differ. The urban landscape, neighborhood amenities, economic health, and general vibe in West Loop are going to be different than in Logan Square, which will also be different than Lincoln Park. The same goes for the cost of houses and condos in each of these neighborhoods.  What do houses and condos cost in Gold Coast? And how does that compare to a home in Humboldt Park? We’re going to tell you. Each graph below details what the median cost of houses and condos in each neighborhood, along with a description of what the housing stock in that area typically looks like. Jump ahead to your neighborhood: The Cost of Houses and Condos in Gold Coast The Cost of Houses and Condos in Humboldt Park The Cost of Houses and Condos in Lakeview The Cost of Houses and Condos in Lincoln Park The Cost of Houses and Condos in Lincoln Square The Cost of Houses and Condos in Logan Square The Cost of Houses and Condos in North Center The Cost of Houses and Condos in River North The Cost of Houses and Condos in South Loop The Cost of Houses and Condos in Uptown The Cost of Houses and Condos in West Loop The Cost of Houses and Condos in Wicker Park Don't see your hood in here? Don't fret. That just means we'll send you a hand-crafted, custom report.  To get localized stats, forecasts, and the best advice for buyers and sellers in your neighborhood, fill out the form [...]

How to Buy a Home in 30 Minutes

May 1st, 2019|

In the spirit of keeping our first-time home buyers as educated on the process as possible, Center Coast Realty hosted it's first ever home buying webinar, How to Buy a Home in 30 Minutes. Check out the entire video, or watch shorter clips below: Entire Video: Clips: Is now a good time to buy...for me? Is now a good time to buy in Chicago? How much do I need for a monthly payment? How much do I need for a down payment? How much do I need for closing costs? The Search The Offer Under Contract Is now a good time to buy...for me? The most important things to consider when asking yourself, "Is now a good time for me to buy?" are your timeline, your credit, your cash situation, and your monthly rent. Watch the video below to understand why. Is now a good time to buy in Chicago? A question we get all the time. This is going to be all based on the Chicago real estate market. To learn more about the market and what it means for buyers, click here. How much money do I need for a monthly payment? Another common question we get - how much money do I need to buy a home? Let's start with your monthly payment, which includes your mortgage, property tax, and homeowners insurance. On top of that, you'll have your assessments and mortgage insurance. How much money do I need for a down payment? You'll also need money for a down payment. Not everyone realizes you can actually put down as [...]

Tyler and Missy Move to Wicker Park

April 18th, 2019|

No one expects to have to do a final walk-through on crutches, but real estate, just like life in general, can be unpredictable at times. To rewind a bit, our clients Tyler and Missy have known Center Coast agent Xavier Cruz for a couple of years now. They’re both attorneys, and met Xavier, a former marketing director for a litigation services firm, at a charity event for CASA - an organization that supports and promotes court-appointed advocates for abused or neglected children. Missy is from New York, and Tyler is from Utah, and when it came time for the couple to plant some roots in Chicago, they turned to Xavier for help. Formerly renters in River North, the couple had a solid idea of what they wanted in a home - a two bedroom, two bath condo in a good neighborhood with views of the city. They took the initiative to do a healthy amount of online research before going to visit properties with Xavier. Xavier says they probably saw nine places before a condo randomly popped up in one of Xavier’s favorite buildings on North Avenue in Wicker Park. It came on the market on a Thursday, and after analyzing the price and some nearby comps with Xavier, the couple rushed to see it as soon as they could. They knew condos like this one were going off the market quickly. Xavier loved this property for good reason; it was a beautiful open-concept, split-level condo with huge windows overlooking North Ave and lots of natural light. The location was great; it was only a couple blocks from Wicker Park’s six [...]

Renting vs Buying in Chicago

April 3rd, 2019|

A common question we get asked: What are the pros and cons of renting vs buying in Chicago? Well, there are many, many points to consider. More than just a casual conversation could encompass, at least. That’s why we wrote this blog post, to take a deep-dive on the pros and cons of renting vs buying, and present the cases for both. The Case for Buying A mortgage forces you to save. Many argue that an easy way to build wealth is to use your mortgage as a forced savings account. A mortgage “forces” you to save, since you need to pay your mortgage every month in order to keep your home. Remember as a kid when you had those piggy banks that you’d have to break in order to get the money out? Like that, but the adult version. And for a lot more money than your piggy bank ever saw. “It's like if every time you paid your rent, you also put $300 into savings - and it gets better every year. Between my two places, I put more than $1000 into savings every month. And since I'm renting one of them, $350 of those dollars were someone else's.”  Mike McElroy Founder & Managing Broker You get to borrow, like, a lot of money. It’s worth noting that being able to borrow hundreds of thousands of dollars at a fixed rate for 30 years is actually BANANas. Think about it. A lot of us had siblings growing up that wouldn’t even let us TOUCH their stuff, let alone borrow it. Now we’re taking out mortgages [...]

Mahmood and Barbel Find their Forever Home in Gold Coast

January 28th, 2019|

There are several benefits to buying a home in the winter; sellers are typically more motivated and willing to negotiate, prices are generally lower, and there are fewer buyers to compete with. Mahmood and Barbel Masghati had all these benefits working for them, plus the fact that their daughter, Negeen, was their real estate agent. They didn’t plan to find their perfect home by the beginning of the year, but with this winning combo, they were bound to find what they wanted sooner than expected. Coming into the city from a large single family home in Naperville, Mahmood and Barbel were looking to downsize and simplify in their retirement, while enjoying all that Chicago has to offer. They’d previously lived in Chicago for 35 years and were ready to come back to find their forever home near everything they loved about the city: the beach, the museums, the restaurants. The couple went into their home search with a good idea of what they wanted, and because of the smaller winter home supply, their search was that much narrower and simpler. Mahmood wanted to be in Gold Coast and close to the lake, as well as Streeterville and River North and the energy that comes with those areas. Barbel’s priority was finding a turnkey, move-in-ready home with modern finishes. Considering this, combined with Mahmood’s desire to be in Gold Coast, Negeen knew the result could be pretty pricey. She accepted the challenge and the three started looking for homes in November. After only a few outings, Negeen found Mahmood and Barbel their forever home. It was a newly-renovated, 2,000-square foot condo right [...]

Chicago Home Buyer Closing Costs

January 9th, 2019|

Wondering how much you’ll need to pay for closing costs when you’re buying a home in Chicago? You’re not alone. You already know you need a down payment, but did you know there are other closing costs that go into buying a home in Chicago? When you buy a home in Chicago, it takes a village - lenders, attorneys, inspectors, title companies - even the local government gets in on the action. And all these people and companies need to get paid. General rule of thumb says your closing costs will equal around 2-5% of the purchase price of your home, but few people are satisfied with such a wide-open estimate. So, what do all of these closing costs include? Here’s a list of every closing cost from contract to close: Home buying costs: these are closing costs associated with buying a home in Chicago. Inspection Appraisal Condo Questionnaire (if you’re buying a condo) Lender Fees Title Fees Recording Fee City of Chicago Transfer Tax Attorney Fees Deposits and prepaid items: Most of the items below aren't closing costs necessarily; they're actually ongoing costs that are part of everyday homeownership. But when you buy a home in Chicago, you’ll need to pay for a portion of them upfront: Earnest Money Deposit Prepaid Interest Homeowners Insurance Property Tax Escrows Tax Proration Seller Credit Homeowners Insurance Escrows Homeowners Association Fees (if you’re buying a condo) The actual amount of these closing costs depends on factors like which third parties are hired, what time of year you buy your home, what area you live in, the positioning of the planets, etc. If this is [...]

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